Initial coin offerings (ICOs) do not pose a current risk to
financial stability, Mark Carney has said in a letter to senior
officials at the world's biggest economies.
Carney, the governor of the Bank of England, said that view had
been reached by the Financial Stability Board (FSB) following
"a review of the financial stability risks posed by the rapid
growth of crypto-assets".
Carney is chair of the FSB, a prominent body that monitors for
and makes recommendations to address vulnerabilities affecting the
global financial system, and which coordinates financial regulation
across the 'group of 20' (G20) major global economies.
In his letter to G20 finance ministers and central
bank governors (8-page / 250KB PDF), Carney said: "The
FSB's initial assessment is that crypto-assets do not pose
risks to global financial stability at this time. This is in part
because they are small relative to the financial system."
